New Projects and good prospects. will be the winner in 2004. IMO
25p in early 2004

caraaye

so am I :-)

Great volume over the last couple of days, RNS is immenent, if it appears tomorrow this will break out, and the rise will be fierce

RNS by means of progress report, RNS regards drilling will come early November. Without doubt if there is press coverage over the weekend, which could be a posibility we could see a good rally. Tomorrow will see a lot of activity.

"The market seems to get fixed ideas about the max. a share is worth. Breaking through the perceived ceiling of 17p may take some time. Perhaps the RNS will do it." earlier post.

We could be being held back by the earlier analyst forecast that the value of PCI based on its prospects is 18p, and this could be a widely accepted market view, with a reluctance to pay any more without some oil. We may think it is worth a lot more, but of course in a more sceptical environment it has a solid value of about 2p, and a possible value of 30+, albeit with a great deal of risk.

It seems to have gone off the boil today - lets hope the RNS can get it going, although an RNS pointing to Institutional downsizing won't help one little bit.

Prepare for the worst and hope for the best. We may have to go right up to the line at this price level or even less. But I do hope not because I want to do some downsizing of my own!

Good luck to us all tomorrow!

Pete, how's the nails doing this evening! The analyst's report you mention I think is the Davy's note? If it is then as far as I can remember it only includes a valuation of Tunisia and does not include Algeria or Italy. I guess a lot of holders right now are just concentrating on ST and not really looking forward to Algeria or Italy which is fair enough. Maybe that's why the 17/18 mark is tough to crack. If I remember correctly earlier in the summer this point seemed to be the resistance point which brought out the sellers.

There's always tomorrow!

There's always tomorrow

And look what thats produced!

Tree shaker MM want your shares.

Is that based on :
16.75/17.25 going to 16/16.75?

Hmmm, not the greatest start to the day, but seem to be moving up a touch now.
There's always next week!

Hi guys. Funny old game having to wait for news but this has just been posted on
another BB:

8 Oct'04 - 12:10


Good news!!!!!!!!!

Got a reply from Brain Cusack, needs to find the spell check!

Not much but here it is:-



I refer you to our last staements on the matter. We iontend issuing update
before Fri 15th
-----Original Message-----
From: GeoffCapes
Sent: 30 September 2004 16:03
To: Brian Cusack
Subject: Drilling Sidi Toui
Importance: High



Dear Mr Cusack,

Having been a share holder of Petroceltic for some time now and have been
very impressed with the way the board have been running affairs thus far,
and I also believe them to be more than capable of keeping this up in the
not too distant future, when we (PCI) hit the black stuff, in both Tunisia
and Algeria, not to mention offshore Italy as well.

With this in mind would it be possible for you to tell me as to whether
drilling has actually commenced at the Sidi Toui site or whether any delays
have been incurred, and what sort of timescale you have for both drilling a
the results of such drilling?

Also would it be possible for you to divulge details with regard to drilling
in Algeria?

Many thanks in advance for your assistance

Yours sincerely

Somehow I think the RNS will simply say the rig is now on site. Have trawled through the web looking for an announcement that the Austrian oil company OMV has finished with rig GW92 but nothing came up. This may suggest it is still being used by them. I would suggest that PCI anticipate getting the rig by the 15th.

Hi Guys. I have just sent an email to OMV's office in Tunisia:

Great Wall Drilling Rig GW 92

Can you tell me whether you are still using this rig and if not when it was released to drill at Sid Toui.

I thank you in anticipation of your assistance in this matter.

Hi Grevis,

Thanks for posting that. At least someone's getting a reply, he's stopped replying to me! Hope his drilling's better than his spelling! So the wait goes on, not much we can do about it I guess.

Hi gavdfc.

Well the Austrian's have responded to my email. The outcome is somewhat puzzling. The following response was received from OMV's Head of Operations in Tunisia at 14.22 hours today. It was very brief but implied that PCI have not got the rig:

"GW 92 is engaged at least until mid 2005."

This would imply that PCI will have to wait until next year or will have to negotiate for another rig if they are to drill this year. This would explain why some of the big boys have been selling.

This was the announcement concerning GW 92 of 20 August:

Petroceltic International has signed a contract with Great Wall Drilling Co (Tunisia) for the GW 92 land drilling rig for its Sidi Toui 3 Well in the Ksar Hadada Permit Area in southern Tunisia.

In a statement, the company said the contract is for one well with a second well option which can be exercised during the drilling of the first well.

The Great Wall rig GW 92 is currently working in Tunisia for the Austrian oil and gas company OMV. This work is expected to finish over the next few weeks after which the rig will mobilize to the Sidi Toui 3 location to commence drilling for Petroceltic.

Petroceltic has a 100 percent working, or a 95 percent net interest in the 7,500 square kilometers Ksar Hadada Contract Area through a Production Sharing Agreement with ETAP the Tunisian state oil company.

Cheers Grevis. Don't know what to make of that, sounds very strange. Perhaps OMV mean that PCI have GW 92 until mid 2005. Very confusing as if drilling was going to be delayed then they would have to announce that. Even if they were not going to get that rig but were negotiating use of a different rig then surely they would have to announce that also?

Maybe someone would like to write to PCI to clarify the situation.

"Sell on the rumour, buy on the facts"

I now only hold 10k at 10p having sold a lot on Friday. If they go down, I buy again. If they go up I will have guessed wrong, but I think I will stick on this position. After all with ST we are betting on the spin of a coin! If ST is dry they will be as cheap as chips. Anathema to the PCI optimists, but it could happen.

Where is the next PCI I wonder? What odds on CRST for a Ronson takeover? Who is buying heavily into MDY, and why?

pete...don't think so. PCI will fall if ST fails to impresss, by how much no one konws... as for cheap as chips, i don't think so. So do what you feel best but to those you may be losing confidence/patience.......as wisdom goes, DYOR and you can see just what i'm talking about.....PCI have fantastic potential, great prospects and that's what's it's all about!!

Curiously more sells than buys and the bid increasing while the spread is decreasing. Are the MM's filling a big order? If so a rise today. Barring bad news on the rig of course.

Austrians now refusing to comment according to an ADVFN poster.

excuse my spelling.....nearly as bad as Brian Cusack's :-)